Pepe (PEPE) price has been in a bullish rally lately, driven by significant accumulation by a whale investor and growing optimism among traders. The surge in PEPE’s price, coupled with whale activity and increasing market interest, underscores the growing strength of bullish sentiment surrounding the frog-themed meme token.
Massive Whale Accumulation Ignites Optimism
One of the key catalysts behind PEPE’s recent price rally is a massive accumulation of the token by a whale investor. Whale Alert’s data revealed that a staggering 4 trillion PEPE coins were accumulated on May 3, sparking a flurry of optimism among crypto market participants. This substantial accumulation, coupled with a nearly 7% price rally, has bolstered confidence in PEPE’s future price trajectory.
PEPE/USD 24-hour price chart (source: CoinMarketCap)
The whale’s accumulation, which took place via the cryptocurrency trading platform Paribu, has ignited hopes for a continued bullish trend in the market. With further buying pressure potentially on the horizon, investors are eyeing additional gains for PEPE in the days ahead.
Bullish Market Indicators Support Price Rally
In addition to whale accumulation, several market indicators point to a bullish outlook for PEPE. Market activity has also seen a significant uptick, with open interest and derivatives volume experiencing notable increases.
Coinglass data revealed an 8.90% surge in PEPE coin’s open interest, reaching $78.95 million, while derivatives volume rose by 9.14% to $1.28 billion. These figures indicate growing investor interest and confidence in PEPE’s future performance.
PEPE/USD price chart (source: TradingView)
Technical analysis further supports the bullish momentum in PEPE’s price action. A recent analysis highlighted a close above a major bullish flag with resistance at $0.00000750 on the daily chart. This breakout suggests that PEPE could continue to rise, with immediate resistance seen near the $0.00000822 high.
Moreover, PEPE’s price is currently up over 15%, signaling a positive momentum above $0.00000750. If the token maintains its position above the 50-day simple moving average and key support levels, such as $0.0000070, further upside potential could be realized.
PEPE Enters Top Ten by Trade Volume Amid Market Reversal
As PEPE’s price surges, the token has also gained significant traction in terms of trade volume, entering the top ten list of largest cryptocurrencies by trade volume. With a trade volume exceeding $1.4 billion and a market cap surpassing $3 billion, PEPE’s impressive growth trend is evident amidst a broader market reversal.
Pepe/Doge just made a new ATH! Overall, the $Pepe play that we’ve been riding & tracking since Q4, 2023 is playing out perfectly.
Why do we hold $Pepe?… because it pair trades well against $Doge. If your meme coin isn’t outperforming the OG meme coin, there is no point in… pic.twitter.com/HFJbskey9c
— Max (@MaxBecauseBTC) May 2, 2024
The global crypto market has seen positive momentum, adding 3.84% to its total capitalization and closing the week on a high note. Concurrently, Max, founder of BecauseBitcoin, tweeted insights on the recent performance of Pepe and Dogecoin.
He highlighted Pepe’s strong performance against Dogecoin, emphasizing the importance of meme coins outperforming the original meme coin. Max expressed optimism about Dogecoin’s future, suggesting that Pepe’s performance indicates a potential “moon mission” for the meme token.
